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Bank charges: Third of Brits unable to cover costs

A third of Brits do not have enough cash coming in to cover their costs.

That is according to new research by The Co-operative Insurance and homelessness charity Shelter.

Findings show that the cost of outgoings, such as rent, fuel bills and living costs, means that the average adult faces a shortfall of £165 per month.

It also revealed that over a quarter are uncertain about whether they can pay bills on time.

Lee Mooney, head of home insurance at The Co-operative Insurance, said: "[Findings show the] extent to which people are now feeling the pinch and show that a large number of people are struggling to keep their household budgets in balance.

"Although times are tight and the vast majority of people don't have spare cash, it's important people prioritise what they need above what they want in the year ahead."

The research revealed that 70 per cent of people are worried about their cash flow, with 25 to 34-year-olds being most concerned.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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